Some state govts lost bailout money to bank loans – Yari

Gov. Abdulazeez Yari of Zamfara has said that some
indebted state governments lost their bailout money to
servicing outstanding loans they had obtained from banks.
It will be recalled recalls that the money was sourced from
the revenue paid to the Federation Account by the Nigerian
Liquefied Natural Gas (NLNG).
Yari, who was fielding questions from State House
correspondents in Abuja, expressed concern that many state
governments were still facing financial challenges, in spite
the disbursement of the NLNG money.
“What I’m saying is that no money is released yet apart
from the NLNG money. But I think the NLNG money that
was given, some states, their own was taken by the banks
because it is due for them to repay some certain loans.
“So, therefore, automatically, that has to go there.’’
“But for sure, some other governors reported that money
went to their accounts, it was taken by some banks because
of their outstanding loans.’’
He, however, stated that the Central Bank of Nigeria (CBN)
was negotiating with the banks on how state governments
could freely access the next batch of the bailout funds, to
enable them to settle outstanding salaries of their respective
workers.
On the West African Examination Council (WAEC) debts
owed by some states, Yari, who is also the Chairman of the
Governors’ Forum, said the issue was being addressed by
the affected states.
“Some state governments need to verify between the WAEC
and their Ministries of Education and other departments of
education. So, that’s why some states cannot pay the
registration fees,’’ he added.